Members of the National Oilseed Processors Association (NOPA) say they crushed 163.52 million bu. of soybeans during May, marking the fourth month in a row that processing has fallen short of expectations. Analysts surveyed by Reuters had expected NOPA members to report a May crush of 165.12 million bushels. Nevertheless, last month’s crush was the third largest May crush on record and processing was up 3.21 million bu. (2%) from April. Last month’s crush was 6.06 million bu. (3.6%) short of May 2020. Some plants were still closed for maintenance during May, plus soybean stocks are tight and prices were at eight-year highs.
Soyoil stocks ended May at 1.67 billion lbs., which was 42 million lbs. lighter than analysts anticipated given the smaller-than-expected crush. Stocks retreated 31 million lbs. from April and they were a dramatic 209 million lbs. lighter than year-ago.
Soymeal exports climbed to 714,377 MT last month, an improvement from April’s poor showing but still shy of the 776,677 MT of soymeal NOPA members shipped in May 2020.